Business, Trade and Commerce
Jharkhand Board · Class 11 · Business Studies
Flashcards for Business, Trade and Commerce — Jharkhand Board Class 11 Business Studies. Quick Q&A cards covering key concepts, definitions, and formulas.
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What is the definition of Business?
Answer
Business is an economic activity involving the production and sale of goods and services undertaken with a motive of earning profit by satisfying human needs in society. It includes all activities fro…
List the seven key characteristics of Business.
Answer
1. Economic activity 2. Production or procurement of goods and services 3. Sale or exchange of goods and services 4. Dealings on a regular basis 5. Profit earning motive 6. Uncertainty of return 7. El…
What is the difference between Economic and Non-economic activities?
Answer
Economic activities are undertaken to earn livelihood (like a worker in factory, doctor in clinic). Non-economic activities are performed out of love, sympathy, or sentiment (like housewife cooking fo…
Compare Business, Profession, and Employment in terms of establishment, qualification, and reward.
Answer
Business: Entrepreneur's decision, no minimum qualification, profit earned. Profession: Membership of professional body, specific qualifications required, professional fee. Employment: Appointment let…
What are the two broad categories of Business Activities?
Answer
1. Industry - concerned with production or processing of goods and materials 2. Commerce - includes all activities necessary for facilitating exchange of goods and services…
Explain the three types of Industries with examples.
Answer
Primary Industries: Extract/produce natural resources (mining, farming, fishing). Secondary Industries: Process materials for final consumption (manufacturing, construction). Tertiary Industries: Prov…
What are the four types of Manufacturing Industries based on method of operation?
Answer
1. Analytical Industry - separates elements from same material (oil refinery) 2. Synthetical Industry - combines ingredients into new product (cement) 3. Processing Industry - successive stages for fi…
What is Trade and what are its two main types?
Answer
Trade refers to sale, transfer or exchange of goods. Two types: 1. Internal Trade (within country) - further divided into wholesale and retail trade 2. External Trade (between countries) - includes im…
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